Justin Sun Thanks Elon Musk's "Paper Hand" For Selling Bitcoin
Justin Sun has stated that the departure of Elon Musk’s company from Bitcoin is excellent news for the cryptocurrency and that the market should no longer care about Tesla.
The founders of Tron (TRX) and BitTorrent (BTT) noted that the fact that the auto manufacturing giant sold Bitcoin and raised nearly $1 billion also positively describes the liquidity that cryptocurrency can provide for large corporations.
Furthermore, Tesla’s Bitcoin transactions have set a positive precedent for all corporations holding BTC on their balance sheets. This incident is likely to encourage large companies to buy cryptocurrency in the future, Sun concluded and thanked Musk.
Last night after trading on the US stock market closed, companies began to release reports in which Tesla sold Bitcoin in Q2. In total, the company raised $936 million and received the “paper hand” title from the crypto community.
In addition to Justin Sun, another famous crypto enthusiast, Michael Saylor, also offered an opinion on the matter. The founder of MicroStrategy tweeted that “if you sell 75% of your Bitcoin, you will only have 25% of your Bitcoin left”. Well, it’s hard to argue with that.
Musk himself said that Tesla will still buy more cryptocurrencies but explained the current sales are due to the volatile situation in China and the desire to increase liquidity. In contrast, the statement about potential future purchases led many to think that Musk was waiting for a new bottom to replenish his Bitcoin reserves.
DISCLAIMER: The Information on this website is provided as general market commentary and does not constitute investment advice. We encourage you to do your own research before investing.
Join CoinCu Telegram to keep track of news: https://t.me/coincunews
Follow CoinCu Youtube Channel | Follow CoinCu Facebook page
Harold
CoinCu News
The United States Securities and Exchange Commission (SEC) has extended its decision deadline for the…
LayerZero Labs collaborates with Chaos Labs and Nansen to conduct a LayerZero sybil detection report…
MicroStrategy Bitcoin holdings are now more than any country, with 214,400 BTC worth $13.6 billion.
The highly anticipated Bitcoin Seoul 2024 conference is gearing up to be a revolutionary event…
As an experimental festival, Non-Fungible Conference aims to revolutionize event frameworks, offering attendees a glimpse…
Blockchain Week Rome 2024 is set to unite the Italian and international crypto communities in…
This website uses cookies.
